Employee stock-incentives get boost at state technology firms
The most important and market-moving stories from the Chinese-language media
State-owned technology companies will expand offerings of equity-based incentives for employees along with incentive bonuses to encourage innovation, Yicai reported, citing directives from the Asset Supervision and Administration Commission released on Tuesday.
Electricity distribution stakes for sale
Private capital has the green light to invest in electricity distribution networks, according to rules released by the National Reform and Development Commission and the Energy Bureau, China Securities Journal reported on Wednesday. Around 100 pilot projects have been set up to attract private investment as of August.
Electric power usage rises 4.8% through October
Still on electricity, power usage in the first ten months increased 4.8% to 4.88 trillion kilowatt hours, driven by demand from steel, non-ferrous and construction material plants, reported the Securities Daily citing the National Development and Reform Commission. Industrial electricity consumption in October increased 4.9% on year.
China Great Wall to set up debt-to-equity swap institution with two banks
China Great Wall Asset Management Corp. will establish a debt-to-equity swap institution with two listed banks, Shanghai Securities Journal reported Tuesday evening. The banks weren’t named, but China Great Wall owns 51% of one and has a stake in the other. China Great Wall manages distressed debt and was set up in 1999 to purchase bad loans from state-owned banks.
Wanda says talks with Beijing Soft Rock preliminary
Dalian Wanda Group said talks with Beijing Soft Rock Investments Group are preliminary and no formal negotiations have taken place, according to a statement on Wanda’s website, reported Shanghai Securities Journal on Tuesday afternoon. Beijing Soft Rock on Monday said it scrapped an asset-swap deal with Dalian Wanda Group, which is seeking a backdoor listing in Shanghai for its commercial property business. Shares of Soft Rock had been suspended since September 26.
ChineseAll to invest US$72.5 mln in Anime, Comics and Games
ChineseAll Digital Publishing Co. will invest US$72.5 million in the Anime, Comic and Games sector, reported Caixin on Tuesday evening. It will use half to buy a 13.5% stake in AcFun, a video sharing site, and the rest will be invested in MorningTec, the parent company of GuluGulu platform that focuses on online games and live streaming.
Land auction price in Guangzhou hits record high
Record prices of more than 40,000 yuan a square meter (US$5,801.73) were set for three parcels of land auctioned Tuesday by the Guangzhou city government, reported Caixin on the same day. The highest of the three was a plot in Baiyun New Town, which went for an estimated 46,958 yuan a square meter. The report said the prices reflect a lack of supply in the area and more increases are likely.
ANTA Sports planning overseas acquisition?
ANTA Sports Products Limited, China’s biggest sportswear brand, may be planning an overseas acquisition, according to Beijing Business Today, after the company applied to the Shanghai Stock Exchange on Tuesday to sell US$522 million in bonds to mainland investors.
ANTA announcement on HKEX